IEA Forecasts Record Global Oil Demand In 2023

A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, U.S., March 11, 2022. REUTERS/Bing Guan

OilPrice.com: IEA Sees Global Oil Demand Hitting A Record High In 2023

* The International Energy Agency believes global oil demand will hit a record high of 101.7 million barrels per day this year.

* The IEA raised its demand estimate by 200,000 bpd, with the agency saying China will drive nearly half of global demand growth.

* Oil prices continued to rally early on Wednesday morning on IEA estimates that oil markets are set to tighten in 2023.

China’s reopening is set to drive global oil demand to a record high of 101.7 million barrels per day (bpd) this year, up by 1.9 million bpd from 2022, the International Energy Agency (IEA) said on Wednesday, raising its demand growth estimate for 2023 by 200,000 bpd from 1.7 million bpd growth expected in December.

Almost half of the oil demand growth this year will come from China after Beijing lifted its Covid restrictions, the IEA said in its closely-watched Oil Market Report (OMR) for January. At the same time, world oil supply growth in 2023 is set to slow to 1 million bpd, following last year’s OPEC+ led growth of 4.7 million bpd.

Read more ....

Update #1: Energy watchdog expects record high oil demand due to China’s COVID reopening (The Hill)

Update #2: Global oil demand could hit record high as China reopens (CNN)

WNU Editor: Faced with projected record demand and higher prices it looks like Russian oil sanctions are being ignored .... Russia Remains Top Seaborne Oil Supplier To Europe Despite Sanctions (OilPrice.com).

from War News Updates https://ift.tt/Pdc30JQ
via IFTTT

Comments

Is Putin's Inner Circle Already In Discussions On Who Is Going To Replace Him?

Russian President Vladimir Putin leads a meeting on economic issues in Moscow on Monday. (Alexei Nikolsky, Sputnik, Kremlin Pool Photo via AP) Daily Beast: Putin’s Own Men Are Already Discussing Who Will Replace Him Three months into Vladimir Putin’s bloody “special operation” in Ukraine, his own men in the Kremlin are reportedly discussing who will replace him. That’s according to new reporting by the independent news outlet Meduza, which cited several sources close to the Russian presidential administration who said officials are increasingly fed up with Putin personally. Some of Putin’s own allies within the Kremlin walls have reportedly floated the idea of Moscow Mayor Sergei Sobyanin becoming his successor, or former President Dmitry Medvedev, who is now the deputy chairman of the Security Council. Sergei Kirienko, the first deputy chief of staff of the presidential administration, was also said to have been discussed as a contender. Read more .... Update: Krem

US And Russian Chiefs Of Staff Discuss Ukraine In Rare Phone Call

U.S. Chairman of the Joint Chiefs of Staff Gen. Mark Milley (left) and his Russian counterpart Valery Gerasimov (file photo) The Hill: Milley speaks with Russian counterpart for first time since start of war Chairman of the Joint Chiefs of Staff Gen. Mark Milley spoke with his Russian counterpart on Thursday, the first such conversation between the two since the Kremlin’s invasion of Ukraine began in late February, according to the Pentagon. Milley spoke by phone with Valery Gerasimov, chief of the Russian general staff, and they “discussed several security-related issues of concern and agreed to keep the lines of communication open,” Joint Staff spokesperson Col. Dave Butler said in a readout of the conversation. The Pentagon did not provide further information on the conversation. Read more .... WNU Editor: So much for the reports last week that Chief of the General Staff of the Armed Forces of Russia Valery Gerasimov was fired by Putin last week .... Putin rumor

US Secretary Of State Blinken Says China Is A Greater Long Term Threat Than Russia

Daily Mail : 'US does NOT support Taiwan independence': Blinken cleans up Biden's comments in speech saying America doesn't want 'another Cold War' with Beijing and slamming Xi Jinping for cooperating with Putin and being more 'aggressive' abroad * Sec. of State Antony Blinken issued a stark warning Thursday about China's rise * Said Beijing's cooperation with Putin 'raises alarm bells' after Ukraine invasion * Claims Xi Jinping is now 'more repressive at home and more aggressive abroad' * Cleaned up Biden's Taiwan comments by saying US doesn't back independence * Insisted U.S. Taiwan policy has not changed in decades, but he did warn against China trying to undermine the status quo Sec. of State Antony Blinken issued a stark warning Thursday morning that the threat of China will 'test U.S. diplomacy like nothing we've ever seen before' - but insisted America does not want another Cold War and do

MTQ News

Search This Blog